Dick's Sporting Goods ( NYSE: DKS ) pushed higher in early trading on Tuesday after the sporting goods seller topped Q2 sales estimates.
Comparable sales were down 5.1% during the quarter against a tough comp from a year ago. Total sales were 38% higher than the pre-pandemic level in 2019, but down 4.9% from a year ago.
DKS management said inventory is healthy and well-positioned heading into the back-to-school season. The firm raised its outlook, which it noted continued to incorporate an appropriate level of caution given today's uncertain macroeconomic environment.
For the full year, Dick's ( DKS ) sees comparable sales falling by 2% to 6% vs. a prior expectation for -2% to -8% and the consensus mark of -4%. Adjusted EPS of $10.00 to $12.00 is anticipated vs. a prior view for $7.95 to $10.15. The retailer said it is well-positioned to extend its lead and deliver long-term sales and earnings growth.
Shares of Dick's ( DKS ) moved up 1.82% in premarket trading to $112.38 following the earnings report.
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Dick's Sporting Goods gains after setting guidance ahead of expectations